Oil prices dipped on Thursday as stock markets slid and as traders eyed an OPEC meeting expected to result in a supply cut aimed at draining a glut that has pulled down crude by 30 percent since October.

Oil producers inside and outside the Organization of the Petroleum Exporting Countries (OPEC) group have little choice but to extend their deal from late 2016 curbing output when they meet in Vienna on Thursday, analysts said.

Members of OPEC have discussed holding an emergency meeting if crude continues to slide, according to Nigeria’s oil minister, in a sign of their growing alarm over the impact of a lower oil price on their economies.